Chainlink’s LINK (LINK) token price outperformed the cryptocurrency market on December 3, posting a daily gain of 27% after it launched a tokenized asset settlement system in partnership with the European Union-based company.
The price of LINK is up 50% over the past week and 125% over the past 30 days.
LINK rose from a low of $18.58 on December 3 to hit a two-year high of $26.92, up 45%, according to data from Cointelegraph Markets Pro and TradingView.
LINK/USD daily chart. Source: Cointelegraph/TradingView
As LINK’s price surged, trading activity also moved along with it. Spot trading volume on December 3 exceeded $8.6 billion, up 271% from the previous day. Its current market cap is $15.52 billion, solidifying its position as the 15th largest cryptocurrency.
Europe’s first EU regulated tokenized securities market
The LINK price rise follows community excitement about the strategic partnership between Chainlink and 21X, a specialized platform for tokenized currencies and securities, to launch Europe’s first EU-regulated tokenized securities market.
Chainlink will offer the Cross-Chain Interoperability Protocol (CCIP), which will help 21X settle assets across multiple chains. 21X considers stablecoin tokenized assets to be onboarded and accessible to customers across multiple chains.
source: chain link
This technology allows 21X to integrate real-time market data and facilitate asset transfers across multiple blockchains.
“We are excited to partner with Chainlink as we prepare to launch Europe’s first tokenized securities market infrastructure,” added Max Heinzle, founder and CEO of 21X.
“By leveraging Chainlink’s technology, we will provide a secure and efficient platform for transactions and payments on public permissionless blockchains.”
Chainlink network activity surges
Chainlink’s network activity is surging along with LINK’s price, according to data from market intelligence firm CryptoQuant.
The number of daily transactions jumped 286%, from 6,437 on November 29 to 24,901 on December 2, the highest in two years.
Chainlink transaction count. Source: CryptoQuant
The number of active addresses also increased by 179% over the same period. This means increased adoption of the Chainlink ecosystem, increasing demand for LINK.
Chainlink Trader Sets $50 Target Price
The Relative Strength Index is trending downward at 79, suggesting that upward momentum is running out in overbought territory.
relevant: Chainlink introduces the ‘Chainlink Runtime Environment’ framework.
However, the appearance of a ‘golden cross’ on the daily chart may help sustain the upward trend.
A golden cross is a bullish technical pattern that occurs when a short-term moving average (usually the 50-day moving average (MA)) crosses a long-term moving average (usually the 200-day MA).
This bullish signal formed on November 30th, when LINK price made a decisive move above $19, the neckline of the U-shaped recovery pattern.
LINK/USD daily chart. Source: Cointelegraph/TradingView
A decisive move to close above $25 would serve as a springboard toward the general pattern’s bullish target of $30, a 21% increase from current prices.
But other market commentators are more optimistic about 2025. For example, anonymous trader Satoshi Flipper said that the price has now broken the $22 barrier and is now on track to go above $50.
“It’s $LINK season. Now selling for $22 –> $52.”
LINK price broke above the falling wedge. source: satoshi flipper
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.